Investment opportunity in Lansing! This triplex offers three units with combined monthly rental income of $3,010. The units at 5400 Waverly and 3911 Phoenix each feature 2 bedrooms, 1 bathroom, and approximately 600 square feet, with each renting for $1,200 per month. The unit at 3913 Phoenix offers 1 bedroom, 1 bathroom, and approximately 600 square feet, renting for $610 per month to a longstanding tenant retained from the prior ownership on a month-to-month lease. The roof at 5400 Waverly has been inspected with no issues reported. The parcel also includes an open lot to the west, and the rental license is due for renewal in 2027. The same owner also owns 5316/5318 Waverly, Lansing, MI 48911, which is currently for sale, offering an opportunity to purchase an additional income property. Across all units, driveways have been filled and smoothed with crushed concrete, handrails have been installed at all front entrances, and gutters are cleaned annually. Tenants are responsible for all utilities and trash service, and the water heaters are all about 10 years old.
Multi-familyProperty Type
1942Year Built
0.35 acresLot Size
$63Price/Sq.Ft.
6 spacesParking
Listed by Dana Costello Homes Costello• Berkshire Hathaway HomeServices
Holt schools! Three units consisting of one single family (2/1) and a duplex (2/1 & 1/1). All units are purpose built with split utilities. The single family and the 2/1 duplex unit are both vacant and rent ready. Perfect opportunity for an owner occupant to live in the single family property while renting out the duplex. 5% down conventional loans are available for owner occupants of 2-4 unit properties! Opportunity to purchase additional duplexes on Phoenix may be a possibility.
The R-MX Mixed Residential District is intended to accommodate a mixture of housing types along corridors and near the downtown. Historically, these areas were single-family neighborhoods that have transitioned over time to include a mixture of housing types. Historic single-family houses should be retained where possible for their character and infill housing should respect the established scale and massing. Denser housing along corridors is intended to provide a transition to the adjacent established single-family neighborhoods.
Permitted uses
Include but are not limited to:
Day care facility
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Park & open space
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
2/10 Heat Factor
7 days above 97° expected this year, 16 days in 30 years
2/10 Wind Factor
Minor risk of severe winds over next 30 years
2/10 Air Factor
1 unhealthy days expected this year, 2 days in 30 years
Provided by First Street
Historical weather
Lansing, MI • 48911
Average low and high temperatures (°F)
27
15
34
18
52
31
61
40
68
47
80
59
85
64
79
59
76
52
65
43
48
35
35
23
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
59/ 100
Moderate sunlight
Sunscore
There appears to be some shading by surrounding buildings, terrain, and vegetation.
9.1 hrs
2.1 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 5400 S Waverly Rd
$187,832
$2,068 under list price of $190K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $170K to $195K.